How are Millennials Different from Boomers?
With each group considering theirs to be the best, the debate regarding generations has been going on for long. But the argument that has taken a toll in the recent times is concerned with two of the world’s largest generations in size.
That’s right, it is Boomers vs. Millennial. Born at least 17 years apart, both groups are often seen reminiscing about their times and childhood so essay writing services are here to point out the major differences between them.
Before we move on, it is important to note that Boomers constitute the generation born in the years 1946-1964 while millennials, the younger ones reside in years between 1981-1996.
As of today, Baby Boomers are the largest living generation across the world, with the last recorded size of 74.1 million by the Census Bureau. However, the organisation has predicted that millennials are expected to surpass the number in 2020 with their size growing up to 73 million while boomers will experience a decline of 2 million.
The factor of this growth is not just limited to life expectancy so let’s see the major differences between the lifestyles of two generations.
City vs Countryside
According to Regional Studies report, millennials favour metropolitan cities to expand their horizons. Unlike boomers, they prefer a more expensive lifestyle as cities allow them the opportunities to grow personally and professionally.
The environment with more than 250,000 people provides them with economic benefits of finding a better job and caters to their need for entertainment. Large cities also offer diversity, and in countries like the US and the UK where racism is more prevalent in the countryside, young individuals prefer relatively safer and larger places.
Boomers, however, in their 20s and 30s like quiet suburban settings with fewer than 25000 people and were satisfied with the lifestyle as well.
Change in Health Routines
The younger generation is extremely health conscious and products with variations like gluten-free, vegan and transparent ingredients, which were previously never heard of, now constitute large markets.
A survey conducted by Aetna Poll revealed that boomers considered health to be “not falling sick” and “proper height and weight ratio”. However, unlike their predecessors, millennials are more concerned about their health and food choices and are responsible for a major shift in the food industry.
The younger generation now demands authenticity in the food substances that forces the production houses to diversify their range of products.
A 2016 research proves that Boomers in their prime were less goal-oriented and preferred to work with the same companies due to loyalty. The poll also revealed that 40% of boomers worked for the same employer for at least 20 years, and it could be because of the stable economic conditions that prevailed during their childhood.
Unlike their predecessors, millennials are not afraid to switch jobs and prefer to work in environments where their role is considered impactful. They are also driven by the motivation to grow and reach promotions faster as The Addison Group compared the statistics of their previous workforce with the recent one and found that more than 67% of millennials wanted to reach managerial status in contrast with just 58% of Boomers.
The United States witnessed a sharp decline in the rate of marriage from 1970 to 2012. Unlike the younger generation, 50% of Boomers were married between the ages of 18-32.
However, the millennial era has witnessed many religious and cultural changes, and these factors contribute to the lack of marriages among the generation. Only 26% of millennials are married in the same age range as their predecessors.
Experts suggest that one of the leading reasons for the delay in marriage is the economic burden experienced by the generation. Furthermore, as more women are now entering the workforce, the economic benefits have made men “less appealing partners”, as revealed in the paper published by notable economist, David Dorn. “A decline in typically male-dominated manufacturing jobs and those benefits had made men less attractive as husbands”, and therefore, 25% of Millenials do not plan on marrying at all.
Today, millennials are earning less than their predecessors did at the same age, and this has caused a decline in the overall house ownership. Pew Research Centre conducted a survey and found that “millennial households are earning more than the previous generations did at their age nearly any time in the past 50 years”. But those points are contradictory right?
If you look at the income of married households, the couples are earning more collectively, but the individual gains are low. The younger generation is not investing in house mortgages. Instead, their incomes are spent on student loans and popular services like Uber, Lyft, coffee and online sports tickets, as revealed by the Charles Schwab report.
Their savings are less than that of their predecessors, and this might be because of the 2008 Great Recession period they witnessed while growing up.
From sources of income to religious beliefs, all aspects of life have undergone extreme changes during the generations. However, unlike the boomers, millennials are still regarded as a “widely optimistic” generation by the experts.